Relative Valuet^ IVear^ Alloy^ Figure-^ (sc. of Coin. 263 



ference would be difrcgarded in the difcharge of accounts, hecaufe it could never amount 

 to a fum of any importance. The only inconvenience which offers itfeif under fuch an 

 iirrangement is, that thefe fubordinate coins would alfo be melted and fold when the metal 

 was dear, or they would be fabricated if the metal ever happened to be fo cheap as to afford 

 an adequate motive of profit to the illegal coiner. The State, in its deliberations on this 

 fubjeft, might determine that the coins of filver and copper Ihould pafs either for lefs 

 than the medium market price of the metal, or for more, or for that value precifely. It is 

 eviilent that the firfl of thefe difpolitions would afford coin which would continually vanifli 

 in the melting-pot, and is therefore altogether unadvifable. The medium rate of intrinfic 

 value would produce a fimilar efFeft whenever the market price was low. Whence it fol- 

 lows, that the metal contained in fuch auxiliary money ought to be of lefs value than the 

 gold it reprefents ; and to prevent the introdudion of a fimilar coinage from private manu- 

 fa£lurcrF, it would be neceffiiry that the difference between the value of the metal and that 

 reprefented by the coin fliould be fomewhdt lefs than the coft of workmanfhip. Under 

 thefe circumftances the public would be fuppjied with an ufeful implement or ticket of 

 exchange, which would operate as a pledge of value, very nearly to the amount of its de- 

 nomination, and would be afforded cheaper from the extenfive manufaftories of govern- 

 ment than it could poffibly be made by private workmen. 



Coin, like every other utenfil or tool, is fubje£t to wear, and will in procefs of time be 

 more or lefs deprived of its diflindlive figure, and rendered lefs valuable by the lofs of 

 freight. When new, it is the real pledge or meafure it pre! ends to be ; but, if it be fuftered 

 to circulate after its weight is confiderably diminlfhed, it may become a defirable obje£l to 

 the coiner to fabricate pieces apparently in the worn (late, or otherwife he may exercife 

 his induftry in fpeedily reducing the new coin to that (late, for the fake of the precioua 

 metal he may thus acquire. 



If, on the contrary, the Legiflature fhould forbid the currency of pieces worn beyond a 

 certain fmall or moderate lofs, the confequence will be, that all fuch pieces will return to 

 the Mint to be recoined ; and the charge of coinage may become fo heavy as to abforb a 

 confiderable part of the value of the whole circulating medium in the courfe of a few 

 years. 



To diminilh this laft inconvenience as much as poffiblc, it becomes ueceflary to: attend 

 to the nature of the metal as well as to the figure of the piece. Whether the Dutch ducat, 

 of fine gold, or the Englifh guinea, of twenty-two carats, may, under like circumftances, be 

 moft difpofed to lofe by wear, has not I believe been determined ; but it feems to be ge» 

 nerally underftood, that our (landard gold in watch-cafes and other trinkets is lefs durable 

 than the coarfer and harder gold allowed to be wrought in France and Geneva^ If this 

 be true, ii (lionld feem as if there exided no motive for raifing the (landard of our gold, 

 and perhaps the fame argument may apply (till more to our filver : and the advantage, if 

 any, in lowering the (landard without dimiiu(h ng the intrinfic value, has not yet beea 

 fliewn with fufficient evidence to juflify the offence againd edablifhed ufe and public pre- 

 judice which fuch a proceeding might afford. Admitting thefe obfervations to be con- 

 clufive againft altering the (landard, it would follow, that the greater durability of cpia- 

 mud be fought for in its figure. 



Let tts imagine a coin to pofTefs the figure of an equilateral triangle 5 let it be tliin, in. 



cxdez 



